When you invest in real estate, remember that you need to invest in your tenants, too. With renters accounting for over one-third of all Americans, you'll need to do your best to attract the best tenants. And that means taking care of your rental property.
Read on to learn about the best facility management practices to optimize tenant experience!
Commit to Routine Maintenance
If you want happy tenants, they need to know that you care about their comfort. A poorly maintained rental property will be a source of frustration, and you won't be as likely to see a lease renewal. That's why routine maintenance is key.
Schedule routine servicing for HVAC, electrical, and plumbing systems. Additionally, make sure you check fire alarms and equip units with fire extinguishers.
A preventative maintenance plan can help you steer clear of disastrous problems down the road. Keep records of every maintenance visit and use software to map out an organized calendar. You'll be able to track recurring problems and know when it's time to invest in a more significant update or change.
Maintain Attractive Grounds
Don't forget that your property's exterior makes the first impression. Whether you're involved with commercial or residential real estate, curb appeal matters.
Hire a landscaping company to keep your grass and vegetation groomed. Plant seasonal flowers for added bursts of color. And repaint parking space lines and signage to maintain a professional facade.
And maintain the structure itself. Repaint worn siding and keep your roof in good shape. By taking care of your building, you'll help avoid bigger and more expensive issues, like leaks and rotted wood.
Look into Energy-Efficient Practices
You can save money and impress potential tenants with more energy-efficient spaces. Tenants will appreciate using energy-efficient appliances that help them save on utility costs. And you'll see those savings, too, when you invest in higher-quality appliances less prone to breaking down.
Start with simple steps. Use LED lightbulbs in your light fixtures. Make recycling easy for tenants, too.
And get an energy audit to identify problem areas. Over time, you can make upgrades that will improve energy usage. As a bonus, you'll attract better tenants!
Make Communication Clear and Easy
Can your tenants file maintenance requests or ask questions easily? Do you have an online portal for submitting questions? Take stock of your availability and make an effort to improve it.
If you have a central office, make sure it is staffed during regular business hours with a property manager or other employees. And invest in software that can make messaging easy for your tenants. Whenever they have maintenance problems, you can respond promptly and be proactive about repairs.
Prioritize Facility Management
Proper facility management can make or break a renter's experience. When you own a rental property, make routine maintenance a priority and keep the property's exterior looking fresh. Commit to more energy-efficient practices and make it as easy as possible for tenants to reach you.
When you need help providing a quality rental experience, contact PMI for help!
